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Here We Go Again 8/18/22


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Another double bottom off the bottom of an uptrend channel now threatens to break the new, and rare, downtrend channel, as of 8 AM in New York. You can see it on the hourly ES, S&P 500 24 hour futures chart. Not only that, but the 3-5 day cycle oscillators have also turned up. 

Buy with both fists I guess. 

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Unless they somehow miraculously hold here at 4285. 

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14 minutes ago, DrStool said:

 

 "This dichotomy between the micro and macro TA is an indication of a fractured market that is not as strong the gain in the major averages suggests."

That pain was felt by many who trade individual stocks long before the indeces topped out in early 2022. Many stocks topped out well over a year ago. The internal top was way before Jan 2022.

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27 minutes ago, Jorma said:

For reference the total market cap of Bitcoin is $450bn.  World money supply, cash and bank deposits, is said to be $40TN.

I suppose that means there is a lot of upside for Bitcoin. In the meantime it doesn't really mean much now.

It's like the relationship between ice cream sales and street crime. 

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2 hours ago, fxfox said:

Did you know that there is a strong correlation between the number of people drowned after falling out of a fishing boat and the marriage rate in Kentucky?

And North Carolina, Tennessee, and Arkansas. 

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7 minutes ago, PullMyFinger said:

Man I'm bored. My time would have been better spent doing something else today than stare at a screen. 

 

Tomorrow I'm going to get back to finishing painting my apartment. Then I'll watch the paint dry. 

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